COMM 223 Final Flashcards
. What is the definition of Customer Value?
A. The act of reducing demand temporarily or permanently
B. The process of gathering customer data and managing touchpoints
C. The difference between the perceived benefits and perceived costs of an exchange
D. How well a product performs against competition
Correct Answer: C
Customer Satisfaction refers to:
A. The long-term profit gained from repeat customers
B. How well a product’s perceived performance matches a buyer’s expectations
C. The emotional connection a customer has with a brand
D. The total cost of a customer’s purchase decision
Correct Answer: B
What best describes Customer Relationship Management (CRM)?
A. The strategy used to cut costs in marketing campaigns
B. The process of managing customer service teams
C. Managing detailed information about customers and maximizing loyalty
D. Reducing demand during peak seasons
Correct Answer: C
What is Demarketing?
A. Promoting a product more aggressively during low-demand periods
B. Marketing that aims to reduce or shift demand without eliminating it
C. A complete stop in all marketing efforts
D. The process of removing unprofitable customers
Correct Answer: B
Total Perceived Benefits - Total Perceived Cost = ?
Value perceived by the customer
- How is it possible for a customer to have low perceived value of a product but still be highly satisfied?
A. The customer expected the product to perform poorly but it exceeded those expectations
B. The customer believed the product was expensive and it met exactly what they paid for
C. The customer had no expectations and was indifferent to the product’s performance
D. The product had high value but failed to meet customer expectations
Correct Answer: A
- What are examples of Biological and Physiological needs in Maslow’s hierarchy?
A. Achievement and status
B. Security and safety
C. Air, food, drink, shelter, sleep
D. Friendship and intimacy
Correct Answer: C
Which of the following best represents Safety needs?
A. Personal growth and fulfillment
B. Protection from elements, order, law, and stability
C. Love from friends and family
D. Respect from others and self-esteem
Correct Answer: B
Social Needs in Maslow’s hierarchy include:
A. Food, shelter, and warmth
B. Security and freedom from fear
C. Friendship, intimacy, and love
D. Mastery, independence, and prestige
Correct Answer: C
Which of the following describes Esteem needs?
A. Seeking personal growth and self-fulfillment
B. Respect from others, self-respect, and achievement
C. Having basic food and water
D. Feeling safe and stable
Correct Answer: B
Self-Actualization needs refer to:
A. Achieving love and friendship
B. Realizing personal potential and growth
C. Gaining safety and security
D. Achieving physical comfort and health
Correct Answer: B
What is customer retention?
A. The act of persuading a new customer to make a purchase
B. A metric for how many customers were lost during a period
C. The percentage of buyers who continue to purchase from one period to the next
D. The number of products sold in a promotion
Correct Answer: C
Customer acquisition (conversion) in CRM is defined as:
A. A customer stopping purchases due to dissatisfaction
B. A prospective customer taking a marketer’s intended action
C. The retention of loyal customers through promotions
D. The act of increasing share-of-wallet
Correct Answer: B
What does customer churn measure?
A. How many new customers signed up in a campaign
B. How much a customer is worth over time
C. The percentage of customers lost to other brands over time
D. The number of upsells made within a quarter
Correct Answer: C
Up-selling is best described as:
A. Offering a discount to new buyers
B. Selling unrelated products to a new customer
C. Promoting a higher-end product version to an existing customer
D. Persuading customers to buy in larger quantities
Correct Answer: C
What is cross-selling?
A. Selling additional products or services to an existing customer
B. Convincing customers to upgrade a product
C. Offering discounts for customer retention
D. Reducing churn through surveys
Correct Answer: A
What does “share-of-wallet” refer to?
A. The percentage of a company’s profits spent on advertising
B. The amount of customer complaints per product
C. The proportion of a consumer’s total spending in a category that goes to one company
D. The portion of sales made online
Correct Answer: C
Customer lifetime value (CLV) measures:
A. The total cost to retain a customer
B. Future cash flows from a customer relationship
C. The average order size per customer
D. How often a customer visits a physical store
Correct Answer: B
What is customer equity?
A. A financial term used for customer investment
B. The total cost of acquiring new customers
C. The sum of all customer lifetime values across current and potential customers
D. The difference between marketing cost and total revenue
Correct Answer: C
- What is the societal marketing concept?
A. Focusing solely on the company’s profitability through mass marketing
B. Making marketing decisions based only on consumer trends
C. Considering consumer wants, company needs, and long-term societal interests
D. Targeting customers through viral social media strategies
Correct Answer: C
- The marketing mix refers to which of the following elements?
A. People, purpose, platform, and promotion
B. Product, price, promotion, and place
C. Pricing, public image, packaging, and policy
D. Production, performance, personnel, and planning
Correct Answer: B
- What is an integrated marketing program?
A. A list of digital platforms used for online advertising
B. A brand’s focus on only one product or service
C. A comprehensive plan that communicates and delivers value to target customers
D. The use of promotions to sell seasonal items
Correct Answer: C
The marketing concept emphasizes that organizational goals are best achieved by:
A. Offering products with the lowest possible price
B. Mass advertising and public relations
C. Understanding and meeting target market needs better than competitors
D. Expanding global reach through mergers and acquisitions
Correct Answer: C
- According to the product concept, customers will prefer products that:
A. Are the cheapest available in the market
B. Have extensive distribution channels
C. Offer the most in quality, performance, and innovation
D. Are marketed using emotional storytelling
Correct Answer: C